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Investment Inflow Into Nigeria, Others To Hit $75bn – Osinbajo

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Investment Inflow Into Nigeria, Others To Hit $75bn – Osinbajo

Vice-President Yemi Osinbajo on Thursday described the continent of Africa as a land of immense opportunities, noting that Foreign Direct Investment inflow into the region was expected to hit $75.5bn by the end of this year.

Osinbajo stated this in Abuja at the opening session of a two-day high level policy and private sector forum on trade and investment facilitation for development.

The event was hosted by Nigeria in collaboration with the ECOWAS Commission and World Trade Organisation, among others.

He said the expected investment inflows of $75.5bn into the region would be far higher than the $56.5bn recorded in 2016.

Osinbajo stated, “We are in a time of critical challenges and in a time of huge opportunities, our population will equal the population of India and China together by 2050.

“Some say so earlier, by the same year we will have the youngest population in the world, climate change has great impact on Africa than elsewhere and security challenges stubbornly remain in many of our states.”

He added, “Yet consumers’ spending is projected to reach $1.4tn in the next few years and business to business spending to reach $3.5tn in the next eight years.

“African economies are doing better than ever before despite the difficult global economic environment; Gross Domestic Product growth rate, with average 2.2 per cent in 2015, is estimated to rise to 3.4 per cent this year and to 4.3 per cent in 2018, all above the global average.”

The vice-president stated that for Africa to maximise the benefits of its huge potential, there was a need to take the issue of trade and investment very importantly as it was vital for economic development.

He, however, noted that poor infrastructure and lack of capacity building needed to be addressed to ensure that trade and investments takes the centre stage in economic development of the continent.

The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said developing countries, including Nigeria, needed about $2.5tn yearly investment to meet the 2030 Sustainable Development Goals.

He stated that the country’s improvement in the World Bank ease of doing business ranking was a demonstration of the effectiveness of the government’s recent policies.

In his comments, the Director-General, WTO, Roberto Azevedo, said trade and investment had proven to be the best economic tool to stimulate development.

The President, ECOWAS Commission, Marcel Alain de Souza, called on members to facilitate the use of a common currency in the sub-region.

 

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NEWS

Bobrisky Appeals Against Sentence; Wants Court To Replace Each Count With ₦50k

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Bobrisky Wants Court To Replace Each Count With ₦50k | Fab.ng

Idris Okuneye, better known as Bobrisky, took legal action on Monday by filing a notice of appeal challenging the six-month maximum sentence given to him by a Federal High Court in Lagos. The sentence was in response to charges brought against him by the Economic and Financial Crimes Commission (EFCC) for the abuse of the naira. Before Justice A.O. Awogboro of the Federal High Court, Lagos, Bobrisky pleaded guilty to the charges.

On April 12, Justice Awogboro sentenced Okuneye to six months in prison without the option of a fine. He emphasised the need for the judgment to deter others from similar acts of naira abuse.

In response, Okuneye’s counsel, Bimbo Kusanu, submitted a notice of appeal to the Court of Appeal, seeking to overturn the maximum sentence. Kusanu argues for the replacement of the sentence with a ₦50,000 fine per count. He highlighted Okuneye’s lack of prior criminal convictions and the possibility of a lesser sentence under the Administration of Criminal Justice Act (ACJA).

Kusanu contends that the trial court’s decision was punitive and did not consider Okuneye’s cooperation during the legal proceedings. This includes promptly pleading guilty and honouring invitations from the authorities.

Furthermore, Kusanu asserts that the trial court failed to exercise discretion appropriately, resulting in a miscarriage of justice against Okuneye. This appeal represents an effort to challenge the severity of the sentence imposed by the trial court and to seek a more lenient resolution for the appellant.

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NEWS

Nigeria Ranks 5th In Global Cybercrime Index

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Cybercrime Hotspots: Nigeria Ranks 5th | Fab.ng

Researchers from two universities—Oxford and UNSW Canberra—decided to find out where cybercrime hotspots are. To do this, they asked about 100 cybercrime experts around the world for their opinions.

The experts were asked to consider five main types of cybercrime:

  1. Creating tools used for cybercrime, like malware.
  2. Launching cyberattacks and demanding money to stop them.
  3. Stealing data or identities through hacking or phishing scams.
  4. Tricking people out of money online through scams like fake emails or online auctions.
  5. Making money from stolen information, like laundering money or using stolen credit cards.

Based on the experts’ input, the researchers will create a list of countries considered to be the biggest sources of cybercrime.

The study ranked countries based on how much cybercrime comes from them. This ranking is called the World Cybercrime Index, or WCI for short.

The study found that Russia is seen as the number one source of cybercrime in the world, followed by Ukraine, China, the United States, and Nigeria.

The study ranked Russia as the number one source of cybercrime in the world. Russia had the highest score (58.39) on the World Cybercrime Index (WCI), and researchers traced 81.34 cyberattacks back to Russia. The survey also showed that Russian cybercriminals are highly skilled (scoring 8.73 out of 10 on technical skills) and very professional, causing significant harm with their crimes.

Following Russia, the study ranked Ukraine as the second-largest source of cybercrime. Ukraine’s overall cybercrime score on the World Cybercrime Index (WCI) was 36.44. Researchers also linked 50.76 cyberattacks to Ukraine. Just like Russia, Ukrainian cybercriminals were rated as very skilled with a technical skill score of 8.24 on a scale of 1 to 10.

China was ranked third in the study as a source of cybercrime. Their overall score on the World Cybercrime Index (WCI) was 27.86. Researchers linked 24.24 cyberattacks to China. Chinese hackers were rated as skilled with a technical skill score of 7.81 on a scale of 1 to 10.

The United States came in fourth place on the list of cybercrime hotspots. The World Cybercrime Index (WCI) score for the US was 25.01. Researchers connected 17.68 cyberattacks to the US. American hackers were rated as skilled with a technical skill score of 7.21 on a scale of 1 to 10.

While the study found Russia to be the overall leader in cybercrime, Nigeria was singled out for a different reason – scams. Here’s a breakdown:

  • Overall cybercrime: Nigeria ranked fifth on the World Cybercrime Index (WCI) with a score of 21.28. Researchers linked 8.41 cyberattacks to Nigeria, and Nigerian hackers were rated as somewhat skilled with a technical ability score of 5.80 on a scale of 1 to 10.
  • Scams: Interestingly, Nigeria topped the list for scam-related cybercrime. The country received a much higher WCI score of 52.17 for scams, with a whopping 70 nominations for this type of cybercrime. The closest competitor, the US, only had 27 nominations and a WCI score of 22.72 for scams. This shows that while Nigerian cybercriminals may be less technically skilled overall, they are much more active in scams compared to other countries on the list.

For more articles, check here.

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ENTERTAINMENT

Guinness World Record: Tunde Onakoya Is Yet To Be Defeated After 44 Hours Of Chess Marathon

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Tunde Onakoya To Break 58 Hours Of Chess Marathon | fab.ng

Nigerian chess champion Tunde Onakoya is trying to break the world record for the longest chess marathon! The record he is set to break is 58 hours.

Tunde Onakoya has already been playing in the chess marathon for approximately 44 hours straight. This is at the time of this writing. Starting on April 17th and going until April 19th, the event is happening in the famous Times Square in New York City.

 

View this post on Instagram

 

A post shared by Tunde Onakoya (@tunde_onakoya)

So far, Onakoya has beaten everyone he’s played, including a really good chess player from New York named Shawn Martinez.

Onakoya’s manager, Taiwo, says the official rules allow for 5-minute breaks every hour. But Onakoya only took a total of 30 minutes of rest after playing 12 people in a row for 15 hours! That’s intense! He said he’s playing two sets of games at the same time, and he can’t lose any of them to win the record.

He wrote,

“The opponent on the first set is Shawn Martinez, a US National Chess Master, and he will play with Tunde throughout the attempt.

“Opponents in the second set are random players. He can’t lose any game on either set.

“Only Tunde’s match against Shawn Martinez is considered valid for the record. He is not competing in his simultaneous play against random opponents in the second set. NYC, come out and play regardless.”

For more news updates, check here.

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